16 Unit Student Housing Building | 49 Bdrms

16 Unit Student Housing Building | 49 Bdrms

105 Friendly Drive | Raleigh, NC 27607

CityPlat is proud to present this exclusive listing featuring 16 Unit Student Housing Building with 49 luxury Class A student housing beds. This attractive building is conveniently located on 105 Friendly Drive in Raleigh, NC. There is a Premier Japanese restaurant (Sushi Mon) on a ground floor. Building is located just 1/2 block away from Nelson Hall at NCSU (i.e. college of management). This property is favorably situated in a vibrant Hillsborough Street corridor in the middle of new developments, restaurants, coffee shops, dining and entertainment. Plethora of surrounding amenities is just within a short walk or a quick drive.

As students/millennial/baby boomers/the population are continually influenced by the resurgence of urban living and desire to be within walking distance of NC State and surrounding amenities, the location one block away from NC States campus positions the property for stable, long-term demand for housing and predictable investment revenue. New surrounding developments will provide demand for additional amenities and continue to strengthen the revitalization of Hillsborough Street.

North Carolina State University’s projected enrollment for 2020 is 37,000 students total which includes undergraduate, graduate, and non-degree seeking. With these projections, 30 new faculty members would be added as well. With NCSU’s undergraduate full-time enrollment (FTE) at 24,150 and campus beds at 13,266 the number of undergraduate students seeking off campus housing will exceed 10,800 students.

Raleigh is the capital of the state of North Carolina and the seat of Wake County in the United States. Raleigh is the second-largest city in the state, after Charlotte. Raleigh is known as the “City of Oaks” for its many oak trees, which line the streets in the heart of the city. The city covers a land area of 142.8 square miles. The U.S. Census Bureau estimated the city’s population as 479,332 as of July 1, 2018. It is one of the fastest-growing cities in the country.

  • For Sale | $6,790,000
  • CAP RATE | 6.21%
  • 2019-2020 School Year
    Gross Rents
    $602,708
  • 2019-2020 Projected
    NOI
    $421,810.52